What Millistream Market Data does

Millistream Market Data AB is a privately held Swedish market data infrastructure provider founded in 2008 in Gothenburg, serving banks, brokers, asset managers, media companies, independent software vendors, and exchanges primarily across the Nordics with growing international reach. Its product architecture is built around the Millistream Data Feed (MDF), an open-source low-level API supporting C, .NET and Java clients, supplemented by the Millistream Database Application (MDA) for SQL ingestion, Millistream Web Services (MWS) as a RESTful XML/JSON API, the Millistream Push Server for WebSocket streaming, and a library of JavaScript widgets. The Millistream Trader web terminal sits atop this stack, offering a financial information and trading interface with mobile support. The infrastructure is delivered through multiple channels — dedicated leased lines, co-location cross-connects across Europe, an AWS Point of Presence maintained for over eight years, and flat file delivery — addressing both latency-sensitive trading clients and cloud-first web/mobile developers.

The company covers over 10,000 Nordic, US and European listed companies, delivering real-time and historical prices from Nasdaq, NYSE, Nasdaq Nordic, the London Stock Exchange and Deutsche Börse, alongside corporate actions, fundamentals, key ratios, news (via Dow Jones, Alliance News, MT Newswires and others), ETF/warrant content, and proprietary indices including the Nordic IPO Index and tailor-made indices for Nordic Growth Market. Millistream also runs a proprietary three-level sector classification covering Nordic, European, and North American markets, and recently extended into ESG data through a partnership with CTI announced in September 2025.

Millistream generates revenue primarily through subscription-based contracts for market data feeds, web solutions, and the Trader terminal, supplemented by managed-services fees for index calculation work for clients such as Nordic Growth Market. Pricing is quote-based and depends on delivery mechanism (low-latency vs. delayed), content selection and volume, with packages bundling proprietary content and exchange feeds. The go-to-market combines direct enterprise sales (led by Head of Sales Henrik Lindberg) for Nordic banks and brokers with self-serve/PLG channels for developers and media clients, and indirect distribution through partners including ICE Data Services (consolidated feed), Verizon Financial Network, and Stamdata (Nordic fixed income reference data).

Name

Millistream Market Data

Legal name

Millistream Market Data AB

Website

https://millistream.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Millistream Market Data is a Swedish B2B market data infrastructure provider, founded 2008 in Gothenburg, serving Nordic banks, brokers, asset managers, media, and ISVs with low-latency data feeds, REST and WebSocket APIs, widgets, index calculation, and the Millistream Trader web terminal.

Ownership category

akta.pro rank

Product category

Financial Market Data Infrastructure

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Real-Time Market Data Feeds & Terminals (FSAFAIAA)

akta.pro secondary industries

Data Distribution, Connectivity & Market Data Platforms (Entitlements, Normalization, APIs) (FSAFAIAJ), Delayed/End-of-Day Market Data & Reference Data Services (FSAFAIAB)

Keywords

• Real-time market data
• Financial data feeds
• Market data APIs
• Trading terminal software
• Index calculation services

Headquarters

HQ city

Göteborg

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Market Data Feeds and APIs: Revenue generated from providing real-time and historical market data feeds, low-latency APIs, and cloud-based delivery services to financial institutions. Pricing depends on delivery mechanism (low-latency vs delayed), content chosen, and data volume. Supports enterprise subscription model with content packages.
2. Web Solutions and Widgets: Revenue from RESTful API access, HTML5 display widgets, and web solutions for financial portals. Delivered as SaaS-style services with horizontal scaling for any number of concurrent users.
3. Millistream Trader Terminal: Web-based terminal application provided to end customers like Skandia for their most active customers.
4. Index Calculation Services: Fee-based index calculation services for customers like Nordic Growth Market (NGM) providing tailor-made growth indexes.
5. Flat File Delivery (FTP): Customized flat file delivery of data sets stored on FTP or sent as mail attachments.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels3 records

Core offering

Millistream Market Data provides real-time and historical financial market data to professional financial institutions, delivered through a modular architecture of low-latency APIs, a database loader, RESTful web services, WebSocket streaming, and JavaScript widgets. The offering covers global exchanges (with deep Nordic expertise), corporate actions, fundamentals, news, sector classifications and custom index calculation, accessible via dedicated leased lines, co-location cross-connects, or AWS cloud.

Product overview

Millistream Market Data is a modern market data provider offering a modular architecture of products for financial data delivery. The core offering consists of the Millistream Data Feed (MDF) for low-latency data via C/.NET/Java APIs, the Millistream Database Application (MDA) for SQL server delivery, and Millistream Web Services (MWS) providing RESTful JSON/XML access. These are complemented by the Millistream Push Server for WebSocket streaming and Millistream Widgets for web integration. The Millistream Trader terminal sits atop these components as a web-based financial information platform with mobile support. All solutions scale horizontally and are accessible via Internet, co-location facilities, or AWS cloud. The company provides global exchange coverage with deep Nordic data, corporate actions and fundamentals for over 10,000 companies, news services, and custom index calculation services.

Differentiator

Problem solved

Functional benefit

Products and services

• Millistream Data Feed (MDF) Open-source low-level API for real-time and historical market data delivery, available via Internet, dedicated leased lines, or cross-connect in co-location facilities. Targets latency-sensitive trading clients at banks, brokers, asset managers and ISVs.
• Millistream Database Application (MDA) Open-source application that captures and stores all content from the MDF into SQL servers, supporting all major database engines with binaries and source code available. Connects to a permission engine for real-time or delayed pricing. Targets developers and data teams integrating market data into SQL environments.
• Millistream Web Services (MWS) RESTful API delivering market data in XML, JSON and JSONP formats, built to scale horizontally to support any number of concurrent users globally. Includes an AWS Point of Presence. Targets web and mobile application developers needing easy integration.
• Millistream Push Server Streaming data server providing real-time or delayed market data via WebSocket connections. Powers the Millistream Trader terminal and Widgets. Targets web and mobile application developers.
• Millistream Widgets JavaScript component library for integrating market data on websites with both snapshot and streaming data options, enabling quick time-to-market for web and mobile financial applications. Targets web developers at media companies, broker portals and financial portals.
• Millistream Trader Web-based financial information and trading terminal powered by real-time global market data, news and Millistream proprietary company information, with responsive mobile support. Targets banks, brokers and asset managers for delivery to their end customers.
• Millistream Sandbox Production-like test environment using actual feed logs from historical trading days, allowing developers to code against APIs with real-time exchange data timing before switching to production. Targets developers and integration teams.
• Index Calculation Services Tailor-made index calculation services for customers, including NGM All-Share, NGM Main Regulated, NGM Nordic SME, NGM X and the Millistream Nordic IPO Index. Targets exchanges, trading venues and asset managers.

Named customers12 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

14 partnerships are on record, tiered core, minor, major, standard and infrastructure.

• CTIcoreStrategic or Co-development Partner · 4 September 2025Millistream partnered with CTI to offer innovative ESG data services, expanding the company's data offerings to include environmental, social and governance metrics for customers.
• Euroclear SwedencoreStrategic or Co-development Partner · 30 September 2021Millistream provides Euroclear Sweden with current stock exchange information, share development, and company data for their Vantage by Euroclear investor relations service.
• Nordic Growth Market (NGM)coreStrategic or Co-development Partner · 21 January 2021Millistream supplies Nordic Growth Market with index calculation services for NGM All-Share, NGM Main Regulated, NGM Nordic SME and NGM X indices. The indices include the ten largest and most traded companies on Nordic Growth Market with more than 10 years of historical data.
• StamdatacoreStrategic or Co-development Partner · 10 December 2020Partnership to enhance both companies' end customers' options for sourcing consolidated market data across various asset portfolios. Millistream's customers can receive Stamdata's reference data services including Nordic fixed income market data through a consolidated Millistream feed or API delivery.
• Chalmers Business SocietyminorGTM or Marketing Partner · 16 March 2020Collaboration to deliver real-time data from Nasdaq Nordic Exchange to the annual CBS stock competition, supporting financial education for students.
• ICE Data ServicesmajorTechnology or Integration · 18 February 2020Millistream works with ICE Data Services' Consolidated Feed offering low-latency access to content from over 600 global sources. Millistream acts as technology integrator for Nordic clients, combining local service with global data coverage.
• Solactive AGstandardTechnology or Integration · 25 September 2019Millistream signed contract with Solactive AG adding a selection of Solactive indices to the data sources. Solactive offers development of tailor-made indices, index calculation and ETF services from Frankfurt.
• Verizon Financial NetworkstandardChannel Partner/ Reseller/ Distributor · 26 April 2016Millistream added to Verizon Financial Network catalog of available market data products and services, expanding distribution reach through VFN's network.
• Alliance NewsstandardTechnology or Integration · 5 February 2016Distributor agreement adding coverage of all 2,400 listed UK companies plus blue-chip international stocks, earnings forecasts, and broker ratings to the Millistream platform.
• MT NewswiresstandardTechnology or Integration · 22 January 2016Distributor agreement for MT Newswires' Live Briefs Pro North America and Live Briefs Pro Global Markets feeds available through Millistream's feed and web solutions.
• IP-OnlyinfrastructureTechnology or Integration · 12 February 2015New 1 Gbit/s Internet connection at Stockholm data center (Lunda) run in parallel with Verizon connection, available over IPv4 and IPv6.
• FinestistandardTechnology or Integration · 2 December 2011Connection to Finesti, a subsidiary of the Luxembourg Stock Exchange for the investment fund industry.
• STT (Suomen Tietotoimisto)standardTechnology or Integration · 9 November 2011Finnish press release service expansion adding STT press releases to Millistream's Finnish content.
• Dow Jones NewsstandardTechnology or Integration · 22 March 2011Distributor agreement making Dow Jones News available through Millistream's feed, web and mobile solutions.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Xignite: Cloud-native market data API provider serving fintechs, wealth platforms, and global institutions with equities, FX, and reference data. Closely aligned with Millistream's cloud-delivered, API-first, multi-asset data architecture.
• Intrinio: US-based SaaS financial data platform offering standardized market data, fundamentals, and reference data via APIs to fintechs and advisors. Comparable in business model (API-driven financial data subscriptions) and target segments (brokerages, advisors, fintech builders).
• Finnhub: Stockholm-headquartered market data API provider offering real-time equities, forex, and crypto data to developers and fintechs. Closest direct peer to Millistream given shared Nordic roots, RESTful/WebSocket API delivery, and developer-first positioning.
• EOD Historical Data: Global financial data provider offering EOD and intraday market data, fundamentals, and corporate actions via APIs and bulk downloads to fintech and quant customers. Comparable API-first, subscription-based model serving brokers and developers worldwide.
• QuoteMedia: Canada-based financial market data and feed provider serving online brokerages, financial advisors, and media sites with real-time quotes, fundamentals, and widgets. Directly comparable in serving Nordic-style retail brokers, media outlets, and portfolio portals with widgetized and API delivery.
• Polygon.io: US-based real-time and historical market data API provider serving fintechs, brokerages, and trading platforms via REST and WebSocket APIs. Highly comparable to Millistream's cloud-first, developer-oriented market data feed model.
• Web Financial Group: European financial market data and media-tech provider powering retail investor portals, broker sites, and business media with real-time data, widgets, and tools. Comparable in serving the European retail broker and business media customer base with plug-and-play widgets.

Broad incumbents

• ICE Data Services: Intercontinental Exchange's global market data, analytics, and connectivity business, and Millistream's largest content partner. Operates as a broad incumbent in the same space — overlapping Consolidated Feed and reference data offerings while also serving as a key upstream partner for Millistream's Nordic clients.
• Deutsche Börse Market Data + Services: Exchange-owned market data and connectivity arm of Deutsche Börse providing real-time and historical data feeds, indices, and analytics across European markets. Overlaps directly with Millistream's European exchange coverage and index/data redistribution.
• Cboe Data Vantage: Exchange-affiliated (Cboe Global Markets) market data distribution business offering real-time and historical feeds across equities, options, and futures globally. Broader incumbent competitor with overlapping low-latency data feed offerings for institutional and broker clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/16192285

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Millistream Market Data